Economic Assistance (Bankable Scheme): Andhra Pradesh

Details of Economic Assistance (Bankable Scheme)
ParticularsDescription
Name of the SchemeEconomic Assistance (Bankable Scheme)
Sponsored byState Government
Funding PatternThe financial assistance from the Andhra Pradesh State Minorities Finance Corporation Limited, by way of subsidy would be linked to the credit component of Banks. The revised pattern of assistance will be: i) Subsidy from Corporation 50% of unit cost subject to upper ceiling of Rs.30,000/- ii) Beneficiary Contribution 10% iii) Bank Loan 40%
Ministry/DepartmentMinorities Welfare
DescriptionThis scheme provides individual assistance for activities like agriculture allied, industries, small business, services, transport etc for weaker section of minorities that can be taken up in collaboration with banks at cheaper rate of interest for bank share of loans to establish any viable self-employment unit and to identify entrepreneurial capabilities among minorities and facilitate them to emerge as successful entrepreneurs in the society. Employees and students are not eligible for the financial assistance under the scheme.Bank share of loan shall be recovered over a period of 3 years without any moratorium .
BeneficiariesIndividual,Community,
Benefits
Benefit TypeLoan,Subsidy,
Eligibility criteriai) Beneficiary should belongs to Minority community ii) Age between 18 to 55 years iii) Annual family income below Rs.50,000/-
How to AvailPeople belonging to notified Minority Communities either individuals or groups whose annual income from all sources is below Rs.50,000/- are eligible for financial assistance under the scheme. The applicants should produce Caste, Income and nativity Certificates at the time of the selection itself. The identification of the beneficiaries will be done at Mandal level by the team of Officers with Mandal Parishad Development Officer as leader, Banker and any genuine Non Government Organisation if available as members using the method of counseling. For identification of individual beneficiaries, the counseling for selection will be conducted in the main village of service area branch at the rate of not less than one Grama Sabha per Bank. The District collector & Chairman will be responsible for the implementation of the scheme at the District level. The Vice Chancellor & Managing Director, Andhra Pradesh State Minorities Finance Corporation Limited, Hyderabad and Convener, State Level Bankersí Committee will monitor the scheme at the state level.
Validity of the Scheme
Introduced On 23 / 07 / 2008
Valid Upto 31 / 05 / 2020
Reference URLhttp://www.apsmfc.com/loan-economics-assistance.html (External website that opens in a new window)

Source: National Portal Content Management Team  (Andhra Pradesh, 04-05-2010)